Hello again, Andrew Cobin here, board-certified specialist in estate planning and probate law, and today I want to talk about the powers of attorney.
I'm going to talk about a specific type of power of attorney. So, there are Healthcare Powers of attorney, we'll address that in another episode. But today, I want to focus on the financial Power of Attorney, the durable General Power of Attorney. Sometimes it's a durable specific power of attorney. They've got a bunch of names we're going to go ahead and dissect that a little bit, talk about what this power of attorney does, it's important uses and some of the problems that come up with it.
So, a power of attorney in itself is really just an instrument that names an agent and authorizes that agent to perform certain acts on your behalf. A general power of attorney is one that's drafted, that is broad in nature. It's a general grant authority, so it covers a lot of things and typically you want to draft those and general powers of attorney to be effective over everything that we need to do. Now, you can tailor that, right? We can have something called a specific power of attorney. Most commonly we see those in instances of you know, dealing with a particular institution dealing with a home closing. A lot of times we'll have a specific power of attorney that grants an agent just a specific set of powers as compared to a general power of attorney. Most of the power of attorneys that I draft are general powers of attorney, right? Because we're doing estate planning, so we need to plan for if someone becomes incapacitated and that general power of attorney is a really great tool because it helps us avoid any type of court interference or court involvement if we become incapacitated.
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